Nuvista Energy Ltd.

They indicated they would be carefully evaluating our business to preserve value and ensure a sustainable model without jeopardizing our financial flexibility. They also indicated a focus on proving the valuable long term growth opportunities in the Wapiti Montney play, and that they would pursue dispositions of non-strategic assets throughout 2012 where attractive values could be realized and financial flexibility enhanced. They are pleased to report that we have delivered on these commitments. Through asset sales and strong Wapiti drilling results they have transformed NuVista into a company focused on its large and valuable condensate-rich Wapiti Montney play. They have also reduced long-term debt, net of working capital, from $307 million at December 31, 2011 to $30 million at December 31, 2012, enabling us to adequately capitalize this world class play.

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